First, I'd like to say that I enjoy this forum very much despite the fact that I didn't find it until I was nearly 60! So we're not really talking about early retirement, just a little bit earlier than we planned for!
My husband and I are a total team, have put all of our resources together since we were married 30 years ago. He just learned that he is laid-off, effective in a few weeks, at the age of 61 and 9 months. I am already 62.
I haven't worked for 20 years, but was very productive up until that time. We didn't live an MMM lifestyle, but were more frugal than most. We have a very nice paid-off home and no debt. Two sons in early 20's, the oldest is doing well. The youngest is a recent graduate, still trying to get a good hold on his first career choice. He might continue to live with us, which gives us a little income, but don't want to charge him too much, since he's chosen a lower-income profession. He's very frugal also.
I calculate that we need about $40,000 for a comfortable lifestyle. If we both take our pensions, it will provide $10,000/yr. If we both took Social Security early, it would provide about $36,000/yr. (13200 for me and 22800 for hubby) If we wait until 70, it would be $64,000/year.
We have $600,000 in 401K/IRA's, so a 3% withdrawal (to be ultra-safe) would give us $18,000/year.
We are both fit and healthy, and retirement would provide even more time to work on fitness and nutrition. We come from generally long-lived families, his mother died at 91, my father at 85, and my mother is doing well at 85. His father died young, not an inheritable problem.
We intend to keep our future income low enough that we will qualify for subsidies in the ACA until we are old enough for Medicare. Since we're healthy, we're willing to go with a high deductible plan and take our chances.
The fact that my father died recently and my mother is doing well means that I have time to work, and I would like to work although the job search is not easy at 62. I think most of the online applications to straight to the bit-bucket.
I know we can put together an income, I'm just so confused as to what is the smartest way to proceed.
I'm sure we'll be just fine with our pensions and social security right now, but I've always heard that it's so much better to wait to take the SS. Also, I wouldn't mind working.
One thing I have in the back of my mind: If we did die early, our sons would get the remainder of our retirement savings, maybe a reason to take SS now and let the 401K/IRA funds grow?
Our 401K/IRA money is invested mostly in Vanguard Target Retirement funds, as if we were already retired. Hoping that's the safe thing to do.
So, finally, after so much rambling, what would you do if you were in our shoes?
